NC Media Watch

A quest for reason and accuracy in letters to the editor, guest editorials and other issues of interest to the citizens of Western Nevada County.

Thursday, June 23, 2005

"Peak Oil Facts" link

The Peak Oil Facts letter, published in the Union today, was submitted last May.
Before this "Peak Oil" scare gets out of hand, let's review some facts.

According to Department of Energy Reports, Global oil shale resources are estimated to be 2.6 trillion barrels, with 2.0 trillion barrels located in the United States. About 1.5 trillion barrels are located in Utah, Wyoming and Colorado, which is more than a 500-plus year supply.

While Hubbert's Peak Oil analysis may apply to well explored countries, it does not apply to other oil producing regions. "It largely misses a fundamental fact about global oil markets: they are not run by multinational corporations, but far more by national oil companies, or NOCs. NOCs control 60 percent of production but control close to 90 percent of reserves," writes Dr. Thomas Barnett. Mexico, Venezuela, Russia and some Middle East counties have not made the investment necessary to determine their reserves. So, how can Hubbert determine the global oil supply will peak, when so much of the world is yet unexplored and unproven?

This Letter to the Editor was submitted the 30th of May, 2005. The link to the Department of Energy report mentioned in the above letter can be found (here). Sorry, I have lost the Barnett link for now. I will post an update when I find the link.

UPDATE: Barnett link is (here).

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